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1989 (2) TMI 109 - HC - Income TaxExtract: .......away the benefit which would have accrued to it under section 77(1) of the Act, if it had remained unregistered. Accordingly, we agree with the view taken by the Karnataka High Court and hold that carry forward was rightly allowed and the referred question is decided in favour of the assessee, that is, in the affirmative, with no order as to costs.
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